HSN profit rises in Q1
ST. PETERSBURG, Fla. — Multichannel shopping retailer HSN Inc. reported Wednesday that net income for the quarter ended March 31 climbed 29% to $26.2 million, from $20.3 million in the year-ago period.
Results were boosted by robust sales from its Cornerstone unit, which includes banners such as Ballard Design, Frontgate and TravelSmith.
Revenue overall rose 5% to $747.3 million. Cornerstone saw an 11% sales rise to $205.4 million. HSN segment sales were up 3% to $541.9 million.
"HSNi had a strong first quarter both in terms of financial performance and in delivering on our strategies around customer growth and digital expansion," said Mindy Grossman, CEO of HSN, Inc. "We also continued our efforts to improve our capital structure and drive shareholder value. We executed on our share repurchase program, announced our next quarterly dividend and closed our new credit facility, providing us with additional financial flexibility."